On March 11, 2021, President Biden signed into law the American Rescue Plan Act (ARPA), in furtherance of the fifth phase of the federal government’s response to the COVID-19 crisis. The full text of the bill is published here. The key tax provisions of the Phase 5 Stimulus are summarized in this Alert, and include the repeal of the worldwide interest allocation election, an expansion of the employee retention credit, and additional economic impact payments for individuals.
Click here to read the full Alert.